There are lots of smaller banks and credit unions that would love to have your business. Their debit cards work just as well as the big boys’ does.
For many years I have wondered why anyone would do business with the likes of Wells Fargo, JP Morgan, Bank of America, or Citibank, unless you are incredibly wealthy or a large corporation. On specific transactions , like the cheapest auto loan, or the best benefits on something like a credit card, I understand. But in regards to them being “your bank” there are a lot of places that will treat you better.
The truth is, once a bank starts moving from $5-10B in assets, they start to lose things that made them successful. They can’t stay customer focused - regulatory, share price, and short term objectives take over.
I will say this on credit unions, they are usually cheaper than banks, and they don’t pay taxes. That’s fine, but if you actually need financial advice, or own a small business, credit unions don’t usually have the expertise that a bank will. They just don’t. The commercial bankers at the credit union are there because none of the banks in town will hire them. If you just need money, as cheap as you can get it, not expertise, go to a credit union.
I’m a banker, full disclosure, but it is the truth.
I agree with most of what you posted, with the exception of “financial advise” from a bank. While there are a few banks with good financial planning departments with access to the full range of investing options, ALMOST ALL “financial planners” at banks are limited to proprietary bank products and insurance products, i.e. annuities and insurance. Run, Forest, run!
